Last year we saw low inventory mixed with lower overall demand. While Home prices seemed to plateau overall, the month to month averages were difficult for both buyers and sellers to make sense of which direction the market was headed. One month prices would be down and the next up in a constant see-saw action. The volume of transactions just wasn't enough to dictate a trend.
Now, we have the data from the prior year to help sum up where we stand moving into 2024.
Park City
Pricing support remained very strong when we look at the year as a whole. There were pockets of opportunity but by and large, we remain a largely second home market. Since a large portion of the transactions are not Primary Residences, sellers generally have more flexibility to be patient and wait for a favorable price and that's exactly what we saw. Less properties on the market but still good price support. There were pockets of opportunity with more motivated sellers but most of the buyers seemed to be paused on the sidelines while assessing which way the economy was going. Towards Fall, economic outlook was very positive and indeed we have seen strength in both the Stock Market and Buyer Sentiment. This trend looks to continue through Winter and into Summer.
For comparison sake, Lets look back at prior year gross median sales for the Park City Limits area. This groups together homes and condos but paints the overall trend in equity growth.
Total Year Median Sales Price:
2021 - $1,812,840
2022 - $2,150,000 18% growth
2023 - $2,172,500 1% growth
This illustrates what I was conveying to clients while in the middle of 2023. Plateau of pricing with relative support overall. This was a very healthy consolidation of pricing and poises our local market for it's continued, more natural growth vs the frenzy we experienced in 2021-2022.
The high mark home sold in Park City Limits last year was on Deer Valley in the Red Cloud neighborhood:
Jordanelle
Jordanelle area was fairly close behind the Park City Limits median. Tuhaye and Victory Ranch largely supported those prices with 43 Single Family home sales above the $3m mark in 2023 in the area including Skyridge and Hideout. The high mark home sales in Tuhaye and Victory Ranch were:
https://joshchapel.realscout.com/homesearch/listings/p-9406-n-uinta-drive-kamas-84036-parkcity-682
Snyderville Basin
Snyderville Basin which includes the area from the White Barn out to Summit Park and over to Promontory has a broad array of price points. These areas are much more neighborhood dependent and are a bit tougher to pin a broad trend on. Please reach out to me directly if you'd like more information on trends in specific areas like Canyons, Silver Springs, Promontory, etc.
The High Mark property sold here last year was at the base of The Colony and a beautiful 100 acre property with incredible development potential. It sold for $27m in September.
